The following Restructuring & Insolvency guidance note provides comprehensive and up to date legal information covering:
This Practice Note discusses:
the effect of an insolvency process on pending court proceedings in which the debtor, bankrupt or insolvent company is a claimant or defendant
the interaction between an insolvency process and an arbitration agreement that is binding on the debtor, bankrupt or insolvent company
additional considerations in a cross-border context
This Practice Note explains the law as it relates to bankruptcy proceedings and then goes on to set out the unique features in the case of company winding up.
This Practice Note is impacted by the decision of the UK on 23 June 2016 to leave the European Union.
For cross-border insolvency, the Insolvency (Amendment) (EU Exit) Regulations 2019, SI 2019/146 were introduced and made on 30 January 2019 to address the deficiencies arising as a result of the withdrawal of the UK from the EU, by amending legislation, including EU-derived domestic legislation and directly effective EU legislation/rights that UK plans to retain in domestic law after exit. Key examples include:
prospective amendments to the Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (the Recast Regulation on Insolvency), in anticipation of it being retained in domestic law after exit day
associated and consequential amendments to related primary legislation,
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